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Blockchain opportunity

Blockchain is increasingly becoming a major area of interest across almost every industry and many executives believe it to be crucial for their company’s future technology plans. Companies are investing more and more in blockchain technologies and some leaders see it as one of their top five strategic priorities according to a recent Deloitte survey.

How can blockchain technology disrupt industries?

According to the Deloitte article Beyond Bitcoin: Blockchain is coming to disrupt your industry, “Blockchain technology can potentially make a great many things more secure and accountable: financial transactions, micropayments, IoT applications, health records, corporate audits, and more.” The article explains that “blockchain technology offers a way of recording transactions or any digital interaction in a way that is designed to be secure, transparent, highly resistant to outages, auditable, and efficient; as such, it carries the possibility of disrupting industries, remaking business practices such as accounting and auditing, and enabling new business models.”

It is becoming more apparent that blockchain could have many applications across other industries including retail, automotive, travel and hospitality, and manufacturing. For example, in retail, blockchain technologies could be used as an alternative form of payment.This has caught the eye of many retailers due to the imminent cybersecurity threats the sector experiences. A more futuristic application for blockchain is in the automotive sector, where blockchain technologies could aid consumers in buying and leasing vehicles, a normally complicated process which consumers are quick to complain about. For travel and hospitality, as well as retail, a more efficient approach to managing loyalty programs that ultimately drives greater customer engagement may also be achieved using blockchain. Another opportunity for blockchain technology is in additive manufacturing, with an ever-increasing need for connectedness and security, blockchain could provide solutions to many steps in the manufacturing process.

In response to the heightened interest in this evolving technology, Deloitte has established two Blockchain Labs located in New York and Dublin. The labs focus on developing strategic blockchain capabilities and proofs of concept into functioning prototypes to create “ready-to-integrate” solutions for clients. The launch of these labs builds on Deloitte’s broader digital transformation and innovation efforts, called “Grid by Deloitte,” which includes a number of initiatives.

Deloitte’s blockchain team — comprised of more than 800 professionals across 20 countries — works with international organizations looking to roll out blockchain-enabled solutions. Deloitte has developed more than 30 blockchain-related prototypes, covering a multitude of uses such as digital identity, digital banking, cross-border payments, trade finance and loyalty and rewards solutions, as well as distinct efforts for the investment management and insurance sectors.

Tim Hanley is the global leader for the Global C&IP industry group of Deloitte Touche Tohmatsu Limited (Deloitte Global). Follow him on Twitter @TimPHanley.

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Global Leader | Industrial Products & Construction

Tim is the global leader for the Global Industrial Products & Construction sector of Deloitte Touche Tohmatsu Limited (Deloitte Global) and a senior partner with Deloitte United States (Deloitte LLP).... More

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